Crypto.com is one of my favorite platforms to use because it offers an array of products and services, everything promoting the adoption of cryptocurrencies on a wider scale. Crypto.com CRO chain has been extremely bullish recently and it's just going on constantly. Amongst the many perks like the MCO card and staking rewards on Crypto.com, one of the main attractive features and the most undervalued feature is The Syndicate, which offers a fundraising platform for the most promising crypto projects to list their coins or tokens on the Crypto.com exchange.
To participate in The Syndicate you must be sign up as a Crypto.com exchange user. To benefit from the Syndicate, you must stake at least 10,000 CRO on the Crypto.com exchange platform. Staking CRO gives you a 20% interest on the exchange platform. To further participate in The Syndicate you must buy CRO and subscribe to the project token on sale during the subscription period. Do note that there is a limit to how much you can stake based on the number of CRO tokens you have staked. The minimum amount is 10,000 CRO.
During the listing event, details will be published for each event that occurs including :
- Token Information
- Amount of token for sale in USD
- Discount Details
- Timelines describing when syndicate starts and ends.
- Pricing w.r.t CRO and USD
- Maximum CRO contribution that can be made based on your staked CRO level
- Allocation and Distribution of purchased token
The price of the token is locked on that given point which is generally half the actual cost of the token. For example, 1 XRP ≈ 0.5 CRO(assuming both XRP and CRO are at equal price i.e 1 == 1 before the subscription start). However, as mentioned earlier you must stake at least 10,000 CRO to participate, or else you won't be able to subscribe to the event. When you first stake CRO, it will be locked for 6 months and you will be paid 20% p.a. interest, which will be partially deposited in your exchange platform every day. The amount of CRO you contribute to The Syndicate is determined by the amount of CRO staked on the Crypto.com exchange.
Some important things to remember when contributing CRO on The Syndicate:
- Within 24 hours after the subscription period ends, you will be noticed for the allocated token amount based on the pool size.
- You will be prompted to either accept or reject the allocated tokens. If you accept, you will be allotted the purchased token, or else the contributed CRO will be refunded in full.
- If the sale event is not oversubscribed, you pledged CRO will be fully converted to the token in sales at a discount rate. However, sales events are oftentimes oversubscribed since it is very popular amongst the crypto community, the final allocation is allocated using the below formula.
Once you successfully sign up an account in Crypto.com Exchange, just navigate to stake and earn tab and click on stake more CRO button, to stake the desired amount of CRO. To take advantage of The Syndicate you must stake a minimum of 10,000 CRO or you may stake as much as you want over that. CRO staked are locked for 6 months and you will be able to enjoy the 20% p.a. on your staked CRO and it will be paid on daily, but remeber every time you increase the staked amount this duration will reset. You can buy the CRO from Crypto.com App and enjoy the 0% credit card fee for buying crypto until the end of June. And then you can deposit the CRO and any other supported tokens through the app transfer.
If you have staked an appropriate amount of CRO then you would see the below button as contributing more CRO when The Syndicate events start, along with the details.
Once you click the above, a window will open up telling you what is the max cap you can contribute to the sale. Once you accept terms and services, click on review contribution and you will be directed to another popup for confirmation. If you accept, the CRO will be allocated. When the sale ends you will have to wait for 24 - 48 hours for the allocation and you will receive email on your registered email guiding you through the further process.
Crypto.com has a beautiful UI so you can explore the rest when you sign up. The Syndicate is a very thoughtful and amazing initiative. I would like to clarify this again, you don't lose anything rather you are always up by 50 percent margin on these token sales so why miss it? There is going to be another Bitcoin sale soon after the Enjin sale ends.
Check out the 4th Anniversary Syndicate Special on 30 June 2020, featuring BTC at 50% off with US$2M allocation. The first 25,000 users placing their BTC subscription on The Syndicate platform at 06:00 UTC 30 June 2020 will be able to participate in this event. For further details, click here.
Recently, Crypto.com Exchange has also gone through a significant infrastructure upgrade, including an order management system, a revamped matching system, and unified REST and Web socket API. This will lead to 10x performance upgrade in the platform. To celebrate this upgrade they are offering:
- 0% trading fee for 90 days, new users who have completed the advanced level of KYC will be eligible.
- Up to 50% trading fee reduction for existing users
- 2% bonus deposit interest rate, applicable to all new exchange users, more details about this new promotion can be found here.
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